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LORDSTOWN . Lordstown Motors Reports First Quarter 2021 Financial Results May 24 , 2021 LORDSTOWN , Ohio , May 24 , 2021 ( GLOBE NEWSWIRE ) -- Lordstown Motors Corp. ( Nasdaq : RIDE ) , ( " Lordstown Motors " ) , a leader in electric light duty trucks focused on the commercial fleet market , today released its first quarter 2021 financial results and provided a business outlook . Key Business Highlights ● Reported first quarter 2021 net loss of $ 125 million , capex of $ 53 million and cash of $ 587 million on March 31 , 2021 . • Timeline to Start of Production ( SOP ) in late - September 2021 , which will be at limited capacity , remains on track . To - date , we have completed construction of 48 out of 57 prototypes and will begin pre - production vehicle ( PPV ) builds in July . • We have passed two of the most difficult crash tests frontal and pole - and vehicles are performing as planned during other durability and validation tests ; we continue to expect we can achieve a 5 - star crash rating . • Retooling of stamping , assembly , body , and paint shops at our Lordstown plant are nearly complete . • Phase One of our battery line is installed and is in the commissioning phase , while our first electric hub motor line remains on track to begin equipment installation in July . Revising upward our 2021 expectations for operating expenses by $ 115 million at the midpoint of the guidance range relative to guidance provided with our fourth quarter 2020 earnings release to reflect significantly higher spending related to : ( 1 ) completing our beta program , ( 2 ) conducting vehicle validation tests , ( 3 ) securing necessary parts / equipment for production , and ( 4 ) utilizing third - party engineering resources . As a result , we need to raise additional capital to complete our business plans and have begun those discussions . ● Executive Commentary " We are proud to have built 48 out of 57 of our beta vehicles and are on schedule to conclude the beta program approximately by the end of June , " stated Lordstown Motors ' Chairman and CEO Steve Burns . " We are incredibly satisfied with beta vehicle test results so far . We recently passed two of the most difficult crash tests and , as such , believe we remain on track to deliver a 5 - star rated vehicle . We were also pleased with the mechanical performance of our Endurance at the San Felipe 250 race in Baja , Mexico last month , despite challenges that arose in predicting energy usage in the Mexican desert . We look forward to progressing along our path to commercialization as the beta program concludes this quarter , and conversations with future potential customers are expected to pick up . However , we have encountered some challenges , including COVID - related and industry - wide related issues , as we progress towards our start of production deadline . These include significantly higher than expected expenditures for parts / equipment , expedited shipping costs , and expenses associated with third - party engineering resources . We secured a number of critical parts and equipment in advance , so we are still in a position to ramp the Endurance , but we do need additional capital to execute on our plans . We believe we have several opportunities to raise capital in various forms and have begun those discussions . We are excited to showcase our plant , vehicle , technologies , and strategy at our upcoming Lordstown Week during the week of June 21 as we host investors , customers , partners , suppliers and the media at our Lordstown , Ohio facility . " 2021 Objectives and Financial Outlook We are updating the financial outlook for 2021 that we previously provided with our fourth quarter 2020 earnings release . Revised guidance is as follows : ● Expected Endurance production in 2021 will be limited and would at best be 50 % of our prior expectations . Expected capital expenditures of between $ 250 and $ 275 million . Expected operating expenses of between $ 55 and $ 60 million in selling and administrative ( S & A ) costs and between $ 280 and $ 290 million in research and development ( R & D ) costs . • Expected year - end 2021 liquidity of between $ 50 and 75 million in cash and cash equivalents after giving effect to certain cost reductions and delayed investments . ● ● As stated above , we are seeking additional capital to fund our business plans . We are pursuing an Advanced Technology Vehicle Manufacturing ( " ATVM " ) loan , which is in the due diligence phase , and tax credits and grants across multiple jurisdictions . We hope to complete the ATVM loan opportunity in the next few months . As we begin to receive feedback from our initial customers throughout this quarter , we anticipate an acceleration of purchase commitments going into the second half of the year . Around that same time , we will also start targeting and following up with municipal and government fleets for potential and significant engagement opportunities . Conference call Information Lordstown Motors will host a conference call at 4:30 p.m. Eastern Time today ( Monday , May 24 , 2021 ) . The call can be accessed via a live webcast that is accessible on the Events page of Lordstown Motors ' Investor Relations website at https://investor.lordstownmotors.com/ . An archive of the webcast will be available shortly after the call .